EUR/USD downtrend extends as price breaks channel support
|EUR/USD is moving to the downside, printing lower swing highs and lower swing lows, which suggests we are in a downtrend. We may already be breaking into wave three or wave C as shown on 4h TF, with price falling into 1.1580–1.1600 area that we discussed previously. Notice that price is also breaking the trend line support of a potential base channel meaning more downside can come after some rally up into subwave four. We could see further weakness then after current rally with nice resistance at 1.1670. If price suddenly rallies back above 1.1743, then pair goes back to neutral zone.
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